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Need professional advice for your consent to let with Zephyr Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Zephyr Mortgages Consent to Lease Example Support Desk Enquires
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I have a residential mortgage over my residence in loc with the intention of moving overseas to country for three years. During this period it makes financial sense to let out my flat. My lender has declined to grant me consent to let. I wish to avoid taking out a buy to let loan as it’s only for a short period that I am abroad for.
- I had a chat with a mortgage broker friend last recently. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Zephyr Mortgages) until at least two weeks before I plan to let my house. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- I am 3 years up in my 5 years fixed term mortgage and have accepted a job abroad so wish to let my property for two years. My equity is about seventy per cent. Are you able to clarify if Zephyr Mortgages will load the interest rate for consent to let for 2 years?
- I have been a mortgage holder with Zephyr Mortgages for since 2009. My divorce went through four years ago put the property in my name by transfer of equity. My situation has changed, I want to retain my house but move in with my new partner, leasing my house out. I have been told by my financial advisor that I can request consent to let from Zephyr Mortgages instead of a buy to let mortgage as I haven't purchased the house in the first place in order to let, is this correct?
- If I am tied into a fixed rate with Zephyr Mortgages but am deliberating on letting out my property, is there a charge for consent to let from Zephyr Mortgages and does the interest rate get uplifted?
- I currently have a mortgage with Zephyr Mortgages that I would like to transfer to a consent to let as we have found another property we are looking to buy. How do I go about procuring consent to let from Zephyr Mortgages?
- Me and my husband have an annexe in our garden. Do we need consent to let this from Zephyr Mortgages? If so, what is the process if I would like to transfer my mortgage to consent to let?
- Will Zephyr Mortgages issue consent to let my flat? I currently have a residential mortgage, never been in arrears and have been with Zephyr Mortgages for a little under since 2009. What charges am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Zephyr Mortgages consent to let Advice
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Zephyr Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Zephyr Mortgages